financetom
Business
financetom
/
Business
/
Alibaba's China e-commerce platforms to accept Tencent's Wechat Pay
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Alibaba's China e-commerce platforms to accept Tencent's Wechat Pay
Sep 6, 2024 9:29 AM

SHANGHAI, Sept 4 (Reuters) - Chinese e-commerce giant

Alibaba's ( BABA ) domestic platforms Taobao and Tmall will

begin accepting payments from Tencent's ( TCTZF ) WeChat pay, Alibaba ( BABA ) said

in a statement on Wednesday.

Alibaba ( BABA ) is affiliated with the Jack Ma-founded Ant Group's

Alipay, which is WeChat's main rival for online

payments in China.

Tencent ( TCTZF ) has also been a major investor in other

e-commerce platforms, including Alibaba ( BABA ) rivals JD.com ( JD )

and PDD Holdings' ( PDD ). Both JD.com ( JD ) and Pinduoduo already

offer WeChat Pay as an option.

According to Alibaba's ( BABA ) statement, Taobao and Tmall Group

(TTG) have informed merchants about the draft plan to add WeChat

Pay as a payment option.

It did not make clear how quickly the service was likely to

be completely rolled out to users and Alibaba ( BABA ) did not respond to

queries about the timing.

In quarterly earnings results released last month, Alibaba ( BABA )

said its domestic e-commerce market share had stabilised.

Revenue at the company's domestic e-commerce arm fell by 1%,

but the number of purchasers and their purchase frequency

increased order growth by double digits.

China's e-commerce landscape was originally set up so that

users could only use Tencent's ( TCTZF ) payment system on

Tencent ( TCTZF )-affiliated platforms and Alipay on Alibaba ( BABA )-affliated

ones, but the "walled garden" system has gradually broken down.

Since 2021, WeChat users have been able to share links to

products on Alibaba's ( BABA ) e-commerce platforms, but not complete

transactions with WeChat Pay.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Copyright 2023-2026 - www.financetom.com All Rights Reserved